The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Roundtable - Emilio Botín, chairman, Banco Santander

The virtual roundtable

Do you expect there to be further consolidation in the world banking industry?

Botin: I think the move towards banking consolidation will probably continue in some countries. But you can't generalize. For example, I don't see consolidation in Europe on the scale seen in the United States recently. Even with the euro, language, cultural and other differences will persist in Europe and put constraints on the scope for cross-border mergers. Another factor is the existence of fairly rigid labour laws that make mergers less cost efficient than in other parts of the world.

Do you see banking consolidation putting any downward pressure on professional salaries?

Botin: It's clear that consolidation in the financial sector tends to put a brake on the salary spiral in some areas, which in my opinion has been excessive and probably unsustainable over the past few years.

What is a bank?

Botin: Banks are changing very fast as a result of technology and the process of disintermediation. The challenge is to stay ahead of the game with the conviction that there will always be a role for banks based on their capacity for assuming risk and generating value for clients.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree